Articles by Krystine Lumanta

Estate Planning

Pensions in new super world require digging

SMSF practitioners will need to consider clients’ estate planning needs at pension establishment more closely and continue to monitor them, as pensions have an important role within SMSF planning in the new super landscape, a technical expert has said.

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ATO

ATO sheds further light on two-fund strategies

The ATO has clarified its stance on two-fund strategies used by SMSFs and whether this approach will give rise to the regulator’s scrutiny, following continued concerns from the industry.

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Superannuation

‘What if’ SMSF scenarios not yet canvassed

Mouse trap.

Many unique SMSF scenarios are beginning to crop up with many more expected to emerge, however no clarification or guidance has been provided to advisers or trustees for these new situations, according to an SMSF industry body.

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Superannuation

SMSF cohort will use downsizer contributions

While the opportunity to put an additional non-concessional contribution (NCC) of up to $300,000 into super by downsizing the home is not expected to trigger a wave of NCCs by SMSFs, the measure will appeal to and benefit a specific type of trustee, a technical expert has said.

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Business News

SISFA to unveil new member benefits

The Self-managed Independent Superannuation Funds Association (SISFA) will officially launch new membership category levels and their benefits this month, as it puts a greater focus on trustee needs and services.

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Strategy

Spouse splitting negligence warning

SMSF advisers must exercise caution when advising on contribution splitting strategies, particularly for the $1.6 million transfer balance cap, as potential lawsuits could arise where clients miss out on bringing in larger amounts to pension phase, a technical expert has warned.

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Compliance

TBAR complexities understated

BGL Corporate Solutions believes the ATO has significantly underestimated the complexity of the new events-based transfer balance account reporting (TBAR) regime requirements, the amount of data that will be reporting and the impact on compliance costs on SMSFs and the broader super industry.

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Accounting

Key robo opportunities for accountants

There are significant prospects for SMSF accountants that choose to embrace robo-advice for their clients as well as financial technology, or fintech, more broadly.

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Regulation

Practical application of super changes key

The Self-managed Independent Superannuation Funds Association (SISFA) is focusing on the real life practical application of the super changes, in line with the ATO’s interpretation, as a myriad of unique SMSF scenarios are emerging and causing confusion among advisers.

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ATO

Smaller pensions may get TBAR transition

A goldfish leaps from one fishtank to another.

The ATO has revealed it will consider allowing a two or three-year transition period for events-based reporting under transfer balance account reporting (TBAR) regime for pensions that are significantly below the $1.6 million transfer balance cap.

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